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Rep. Lamborn Votes Yes on Tax Bill

The House of Representatives passed the Tax Cuts and Jobs Act today. The Senate is expected to vote on the bill later tonight. The bill delivers tax relief to workers, families, and job creators, and is expected to revitalize the U.S. economy. Congressman Lamborn voted in support.

"This is a historic day for the American people. Congress listened to them and simplified our complicated tax code," said Rep. Lamborn (CO-05). “Republican leadership delivered on our promise to lower taxes across the board, create more jobs, and increase paychecks. We also eliminated the Obamacare individual mandate, giving Americans more choice in their medical care. I’m pleased to have been a part in the passage of the bill.”

Congressman Lamborn protected tax stipulations that were originally at risk of elimination throughout the deliberations.

“The earlier draft of the tax bill threatened to repeal the Adoption Tax Creditand the income exclusion for graduate school tuition waivers,” said Lamborn. “I wrote letters to Chairman Brady and Speaker Ryan insisting we must keep these important tax provisions. Millions of Americans benefit from them and it would’ve been foolish to eliminate them.”

The Craft Beverage Modernization and Tax Reform Act remained in the bill. Both small and large brewers will see substantial change. Brewers producing less than two million barrels annually will see taxes halved on the first 60,000 barrels. National brewers benefit with a $2 reduction in per-barrel taxes for their first six million barrels.

“Colorado is home to a $3 billion craft beer industry,” said Lamborn. “Hundreds of breweries bring tourism to our region and provide thousands of jobs. Decreased taxes for these producers will grow the industry’s job market and provide an economic boost for Colorado.”

American energy security is bolstered in the bill by opening part of the Arctic National Wildlife Refuge for oil exploration and development non-wilderness federal land in Alaska. Extracting oil from ANWR federal lands is estimated to bring $1 billion over 10 years to the federal treasury to fund tax cuts this bill provides.

“This energy effort brings thousands of jobs on-site and to a new supply chain expected to stretch across the nation,” said Lamborn. “Domestic energy development means domestic energy security and stability.”

Other highlights of the Tax Cuts and Jobs Act include lowered individual tax rates, doubled standard deduction for both individuals and families, a doubled Child Tax Credit to $2,000 per child and much more.